CEC founder shareholder Sindowe retires...
ENERGY transmitter and distributor Copperbelt Energy Corporation Plc has announced changes in its board structure following retirement of founding shareholder Mr. Hanson Sindowe. This was contained in a statement issued by Company Secretary Julia Chaila. In compliance with section 3.59( b) of the Lusaka Securities Exchange Listings Rules, the Board of Directors of CEC announced changes in the Directorate, with immediate effect.
Sindowe exits CEC after a long and successful career that saw the privatisation of the entity in 1997 as a member of the management buyout team. He served in various senior management capacities upto the time he assumed the role of Executive Chairman in 2006. It was during his clock that the floatation of CEC shares to the public was made to make it Zambia’s first publicly listed electricity company in 2008. Reynolds Bowa, who takes over from Mr. Munakupya Hantuba as Board Vice Chairman will, in the interim, carry on the duties and responsibilities of Chairman until the appointment of a new Chairman of the Board. The appointment of a new Chairman is expected to be concluded imminently, and will be announced accordingly.
Other directors that have retired are Mr. Michael John Tarney and Dr. Sixtus Mulenga.
Replacing the retired directors, the Board announced replacement appointments of Mr. Thomas Featherby, currently Chief Investment Officer of Rondine Capital LLP, an investment firm which he co-founded in 2014 that is focused on listed companies in Sub-Saharan Africa and is a long-term shareholder of CEC. He is also a graduate of Cambridge University’s Trinity College and has so far in his career executed transactions and managed listed and private portfolio investments in excess of USD5billion. He has led potential investments in over 35 countries in Africa and across a broad spectrum of sectors. Prior to Rondine, he worked at Helios Investment Partners LLP, Vermilion Partners Ltd (Beijing) and Lazard & Co. (London).
Mr. Derek Chime currently serving as Private Equity Africa Director at Standard Chartered Bank was also appointed as a replacement to the Board. Chime is an emerging market investment professional with over 8 years of diversified experience in origination, deal execution, portfolio management and exit corporate finance and principal investing in Africa. Mr. Chime is directly responsible for managing around USD450million of invested capital under a USD900million Africa fund. He has broad sector knowledge particularly across the power sector value chain, manufacturing, financial services and telecoms sectors. He currently sits on the boards of five (5) portfolio companies. He studied at the University of Lagos, Akoka and has previously worked in investment banking at Vetiva Capital Management Limited.
A CEC Engineers at work.